BitGo and Swan Bitcoin have announced plans to create a Bitcoin-only trust company in the United States, pending regulatory approval. The company will offer Bitcoin custody, administration and management services to institutional investors, such as asset managers, pension plans, and family offices, as well as governments and company treasuries. It will also provide cold storage, fraud prevention, Anti-Money Laundering (AML), and Know Your Customer (KYC) protocols.The joint venture is in contact with state regulators about the plans, but have not yet filed for regulatory approval. BitGo offers digital assets security and custody, supporting over 30 cryptocurrencies, while Swan’s business is fully dedicated to Bitcoin. Records are held at Fortress Trust and Bakkt, with BitGo acting as a cold storage custodian.The Securities and Exchange Commission has delayed decisions on the spot Bitcoin product, and analysts predict the regulator may postpone a decision until early 2024. BitGo and Swan Bitcoin believe that the new venture will be well-positioned to serve the growing institutional investor market when the ETF is approved. The companies have been working together for nearly a year on stronger qualified custody models.

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Information	Details
Geography	North America
Countries	🇺🇸 🇩🇪
Sentiment	neutral
Relevance Score	10
People	Fortress Trust, Cory Klippsten, SEC., Mike Belshe, Bakkt
Companies	Securities and Exchange Commission, Fortress Trust, Swan Bitcoin, BitGo, Bakkt
Currencies	bakkt, Bitcoin, Ethereum, US Dollar, Fortress Loans
Securities	None